Question: Scorcese Inc. is involved in a lawsuit at December 31, 2014. Prepare the December 31 entry assuming it is probable that Scoreese will be liable

Scorcese Inc. is involved in a lawsuit at December 31, 2014. 

Prepare the December 31 entry assuming it is probable that Scoreese will be liable for $965,600 as a result of this suit. 

Date Account Titles and Explanation Debit Credit December 31, 2014 


Prepare the December 31 entry, if any, assuming it is not probable that Scoreese will be liable for any payment as a result of this suit. 


 

Date Account Titles and Explanation Debit Credit December 31, 2014

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